China Consumer & Retail Wrap for the Week of 2/6/2012

February 3 – Ikea said it plans to spend $144 million building a 90,000m2 store in Chongqing, more than twice as big as its existing largest Chinese flagship store in Shanghai. The planned store is expected to be inaugurated by the end of 2014. The Swedish home improvement product retailer currently operates nine malls in China.http://gz.ifeng.com/dichanmingren/detail_2012_02/03/147436_0.shtml

February 2 – Homegrown brands captured a 37.5% share of China's cellphone market while the top four foreign brands controlled 41.5% as of the end of 2011, according to Analysys International.http://tech.qq.com/a/20120202/000344.htm

February 2 – Poor business has prompted B&Q Plc, a British home improvement product retailer, to close 22 stores in China in the past two years, reducing the total number in the country to 41. It started doing business in the country in 2008.http://finance.qq.com/a/20120202/000078.htm

January 28 – The retailers and restaurants tracked by China's Ministry of Commerce reported a combined ¥470 billion in revenues during the weeklong Chinese New Year break, up 16.2% from the same period a year ago.http://www.yicai.com/news/2012/01/1388005.html

January 28 – China's online shopping receipts grew 67.8% to ¥773.56 billion in 2011, accounting for 4.3% of total retail sales, iResearch said, adding that the amount would jump 53% to ¥1.18 trillion and represent 5.3% of retail sales in 2012.http://www.cfi.net.cn/p20120128000088.html

$1 = ¥6.31

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